South Africa-based De Beers Consolidated Mines (DBRS-Q) has concluded a trade agreement with the Russian government and mining industry on the export and sale of Russian rough diamonds to the company’s Central Selling Organisation (CSO).
The trade agreement comes into effect Dec. 1 and expires at the end of 1998, though the parties have formally expressed their intention to extend the deal for a further period if it proves successful.
The agreement follows the principles set out in a formal government decree, signed in July.
De Beers will have access to diamonds of a minimum value of US$550 million from run-of-mine production. It will also have access to diamonds from current production and certain stockpiles.
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